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Daily GBP/JPY analysis

  • #4,541
  • May 15, 2007 10:37am May 15, 2007 10:37am
Quoting Plutonite
This is a GJ thread so I don't want to cause any more damage , but you are quite right also. 1.3570 is (again statistically) good place for a bounce, but Euro is in a "high place" right now and down movements will be more violent that upward ones in my humble opinion. For this reason I will be looking for shorts rather than longs even though I did buy at 1.3510 and got out a few minutes ago for 80 pips. Cable is in a similar situation for me, but I am holding my longs there.

What are you trading right now cesar?
I'm out of all GJ and EJ longs, bottom fished UJ at 120.20 and will add 120.00 if such. Then will let them ride, relying on late NYC Yen sales.

Will get back on Cable and Euro carries another time. Should 9850 and 3600 hold, USD-index is not breaking out down. EJ also at its super highs, so UJ gotta rally to provide the push...
  • #4,542
  • May 15, 2007 10:47am May 15, 2007 10:47am
Quoting cesarnc
I'm out of all GJ and EJ longs, bottom fished UJ at 120.20 and will add 120.00 if such. Then will let them ride, relying on late NYC Yen sales.

Will get back on Cable and Euro carries another time. Should 9850 and 3600 hold, USD-index is not breaking out down. EJ also at its super highs, so UJ gotta rally to provide the push...
Agreed. I am only still in on GJ because I believe GU can take us higher, it's upwards move is stronger than the drop in UJ as you said. I am EJ short. Thanks for the good analysis, I think we are on the right track.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #4,543
  • May 15, 2007 10:52am May 15, 2007 10:52am
Quoting Plutonite
Agreed. I am only still in on GJ because I believe GU can take us higher, it's upwards move is stronger than the drop in UJ as you said. I am EJ short. Thanks for the good analysis, I think we are on the right track.
I'm looking for Cable to consolidate above 9840/50 first. Of course it can push up more, but I'm not taking that chance right now. If you are already in profit with GJ, better let the profit roll and buy dips, imo.

Dow Jones is pushing above +110 points today. Good day to carry
  • #4,544
  • Edited 12:14pm May 15, 2007 11:59am | Edited 12:14pm
wow what a day have been.
this current resistanse might be hard one 238.75/85 sector.

but in one way it might be perfect place for support...
  • #4,545
  • May 15, 2007 2:38pm May 15, 2007 2:38pm
Todays resistance was seen at the 786 of the Thursday-Friday price movement-which itself was capped at the 618 (which then provided support). From a tech standpoint-the resistance "bar" is gradually being raised-we'll see if the 786 level becomes the new support.

This is a pretty "reactive" fib to me-look at where today's support was.
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  • #4,546
  • May 15, 2007 2:43pm May 15, 2007 2:43pm
GBP/JPY was limited by the Yen's inability to break the 120.6 pre-crash level from Feb 27. USD/JPY is the last finacial instrument (including world equity indexes) that has not surpassed its pre-crash level.
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  • #4,547
  • May 15, 2007 3:12pm May 15, 2007 3:12pm
Quoting NewstraderFX
From a tech standpoint-the resistance "bar" is gradually being raised-we'll see if the 786 level becomes the new support.

This is a pretty "reactive" fib to me-look at where today's support was.

Exelent stuff! keep it up!
  • #4,548
  • May 15, 2007 5:37pm May 15, 2007 5:37pm
18:35 The BOJ monetary policy meeting starts today. We would be on the lookout for possible leaks.
  • #4,549
  • May 15, 2007 6:02pm May 15, 2007 6:02pm
did not do the fishing yesterday night and I guess i miss the GBP/JPY carry trade train which is a positive +100 pips move up
  • #4,550
  • May 16, 2007 4:57am May 16, 2007 4:57am
very frustrated to see how well the euro is holding levels now, and EY making newer and newer highs, while GY struggling in a never ending range
We leave no soldier behind.
  • #4,551
  • May 16, 2007 5:11am May 16, 2007 5:11am
Well we are really at strong resistance levels as well....EY break could provide the leak....

for now its quite clear that the trend is consolidating....
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  • #4,552
  • May 16, 2007 5:22am May 16, 2007 5:22am
Quoting jest1081
Well we are really at strong resistance levels as well....EY break could provide the leak....

for now its quite clear that the trend is consolidating....
Agreed... EJ at super highs and UJ still struggling to make it to 121. Matter of time, I'd say... So - GUESS WHAT? - patience is the key.
  • #4,553
  • May 16, 2007 5:53am May 16, 2007 5:53am
Quoting cesarnc
Agreed... EJ at super highs and UJ still struggling to make it to 121. Matter of time, I'd say... So - GUESS WHAT? - patience is the key.
Agreed with this one, but in the meantime, I ll look for an entry on EY, hope I wont be too late for the party and be left just with broken bottles and drunk whores.
We leave no soldier behind.
  • #4,554
  • May 16, 2007 6:02am May 16, 2007 6:02am
Quoting gagiul
Agreed with this one, but in the meantime, I ll look for an entry on EY, hope I wont be too late for the party and be left just with broken bottles and drunk whores.
I know the feeling

  • #4,555
  • Edited 8:11am May 16, 2007 7:03am | Edited 8:11am
UY above 120.50 Hope GU will hold above 1.9800

EDIT: GU bounced off 1.9800 level, so I guess we have all the chances to hold above...I suppose we should see 239.50 tonite?
We leave no soldier behind.
  • #4,556
  • May 16, 2007 8:12am May 16, 2007 8:12am
Quoting gagiul
UY above 120.50 Hope GU will hold above 1.9800

EDIT: GU bounced off 1.9800 level, so I guess we have all the chances to hold above...I suppose we should see 239.50 tonite?
First 1hr candle opening above 120.50 (actually at 120.60) for oohhh ... for so long...
  • #4,557
  • May 16, 2007 8:26am May 16, 2007 8:26am
GBPJPY appears to be following the USDJPY today. Some days it follows the Cable and some days it follows the Dollar.

Is there rhyme or reason to this?

Any thoughts. Just trying to understand the nuances of GBPJPY.
  • #4,558
  • May 16, 2007 8:37am May 16, 2007 8:37am
Quoting yezbick
GBPJPY appears to be following the USDJPY today. Some days it follows the Cable and some days it follows the Dollar.

Is there rhyme or reason to this?

Any thoughts. Just trying to understand the nuances of GBPJPY.
Talks of barriers at 121 in UJ and basing all Yen pairs, in the waiting for a possible push, imo.

Dow Jones fired a rocket at the open... +30 now... Let's see how (if) it will impact the carry trades yet again.
  • #4,559
  • May 16, 2007 8:51am May 16, 2007 8:51am
09:46 Large Swiss bank forecasts the next UK rate hike in August to 5.75%
  • #4,560
  • May 16, 2007 9:46am May 16, 2007 9:46am
R1 seems to be the new floor (support) for the GBPJPY.
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